On Tuesday morning, Akorn, Inc. (NASDAQ: AKRX), a leading specialty generic pharmaceutical company, released preliminary unaudited 2015 financial results and 2016 financial guidance. Akorn also provided material updates on several other important business items. Shares of Akron jumped up 38.84% to $25.99 during Tuesday morning trading, and the trade volume was 327% higher than normal.
According to the unaudited 2015 financial result, Akorn received 15 product approvals and two tentative approvals from Food and Drug Administration (FDA), and the company totally launched 12 new products during 2015. Akorn estimates net revenue of around $985 million and diluted earnings per share of $1.14 for the twelve months ended December 31, 2015. Adjusted EBITDA for whole year 2015 is estimated to be $455 million and cash flow from operations is estimated to be approximately $345 million.
“I am pleased to announce our solid 2015 financial performance with record revenue and cash flow,” said Raj Rai, Akorn’s Chief Executive Officer. “Our strong financial performance is directly attributable to our disciplined acquisition strategy and robust pipeline initiatives. I would like to thank all our employees in making 2015 a successful year for Akorn. In our ongoing efforts to strengthen our organization, we have made deliberate investments in human capital throughout 2015 to support both short- and long-term growth as well as our operational objectives.”
According to the 2016 guidance, Akron outlook diluted earnings per share to be range between $2.10 and $2.20 which is lower than Wall Street expectation of $2.27. The company forecast revenue to be range between $1.06 billion and $1.08 billion which also lower than expectation of $1.09 billion. Akron also announced that it expects to file restated 2014 financial statements in May 9, due to errors identified in the first quarter of 2015 during the financial review process.